Tips for Saving Money When Betting

With March Madness coming up, you may want to see if your predictions are spot on. The Super Bowl will be happening on February 12th. Both of these are big tickets when it comes to sports betting.

You might simply love betting on (or against) your favorite team. You might want to wager on a major tournament. Our 12 tips for saving money when betting on sports are going to help you limit any loss while still getting to enjoy sports betting.

Choose Your Budget Before You Even Get Started

Before you even get started, set a budget. You need to stick to this budget, or you'll find yourself facing a financial hit. A smart wager does not exceed what you can afford to risk. If it wins, enjoy the feeling of having succeeded at the ultimate goal.

Take Advantage of Self-Exclusion When Needed

Once you have a budget, look into self-exclusion settings in the online sportsbook. If you find yourself wagering too much money or making too many bets, it's best to step away for a while.

Study the Types of Bets

Don't bet if you don't understand what your bet means. Arm yourself with knowledge. Many online sportsbooks provide guides to help you understand what a parlay is vs. a single bet. You might encounter teasers, futures, props, and round robins. If you don't know what these are, you need to learn.

There are other aspects of betting that you need to master before you start betting. This includes over/under totals, American odds, point spreads, money lines, and fractional/decimal odds.

Understand What a Break-Even Rate Is

Learn what a break-even rate is. This is the ratio of winnings vs. losses that ensure you don't win or lose money. It's how many bets you have to win based on the amount you're risking to ensure you haven't lost money.

For example, suppose you risk $5. If you bet four times, you've spent $20. You'd need to win back $20 to break even.

Limit the Number of Bets You Make

You might be tempted to place a dozen smaller bets, that may not work as well as you hope. While your thought process is that with so many bets, you're certain that at least one will win. But, placing a dozen small bets eats up your budgeted amount quickly, and the amount you win back might not be worthwhile.

Do the Legwork and Research Stats

Never place a bet without research. Look at the team's history, especially against the team they're playing. Check if any players are injured or ill. Once you've done this, investigate the odds and lines on different sites to see which is the most advantageous.

Keep Records of Your Bets, Wins, and Losses

Whether you win or lose, keep records of your bets and results. You can use this when researching past bet history and trying to better understand where you went wrong. It often comes down to luck, but this step helps keep mistaken bets to a minimum.

Claim Bonuses When You Deposit

Check for sportsbook promotions when you make a deposit. If you receive free bets, it is a great way to try your hand at sports betting while gaining something in return. When you decide to use free bets, make sure you read the rules first.

Look For Incentives That Return Part Of Your Lost Wager

Many casinos with sportsbook incentives will refund part of your losses. If you placed a bet that lost, you'll get some of your money back, so the frustration over a lost bet isn't as bad.

Remember That Everyone Loses

Don't get too upset if you've lost a bet. Everyone loses. It's how sports betting works. If it really bothers you and you can't get past the disappointment, sports betting might not be the right choice for you. Choose something where you have better winning odds, such as online Blackjack.

Never Become Overconfident After a Big Win

The goal of any sports bettor is to win. When you have a big win, it feels amazing. You might think you're unbeatable. Never become overconfident. Just as easily as you won, there could be a dozen losses ahead. Celebrate the wins without being too confident or daring with your next wagers.

Bet When Sober

This may be the best tip of all. As tempting as it may be to get home after a tough day at work and have a drink or two before going online to your favorite sportsbook, always bet when you're sober. You lose inhibitions after a drink or two and that can be a bad combination when you're wagering your hard-earned cash.